BROOKLINE MA Single Family House Market Report Brookline MA and Chestnut Hill MA House Market Analysis and Forecast By Ruth Lerner March 2014
Aug 23, 2014
BROOKLINE MA
Single Family House Market Report
Brookline MA and Chestnut Hill MA House Market Analysis and Forecast By Ruth Lerner March 2014
Brookline’s Housing Market Trend
Seller’s market, but weakening
Fairly low inventory of houses available
Land values way up
What to expect in 2014?
Market Action Index for 02445 & 02446 Only
Generally a Seller’s Market, but Cooling
An MAI over 30 indicates a seller’s market
Still a seller’s market, but it has cooled considerably since Summer 2013.
MAI by Price Quartiles for 02445 & 02446 Only
Bottom two quartiles, with median prices of $1.8 and $3.4 million have the strongest seller’s markets
Top quartile of luxury houses with a median price of $4.4 million are an even market with the buyers.
Seller’s market in lower price ranges
Market Recovery, early 2012
Market heats up, through 2013
Brookline: Zip Code 02445 & 02446
Median Asking Price by Quartiles
Median asking price of listings on market.
Top quartile median prices are have fallen a bit. This is a very small sample of houses, with extremely high prices.
Time has been beneficial to the second, third and fourth (bottom) quartiles.
Inventory of SF Listings, 02445 & 02446
Number of houses available for sale. Current inventory of
about 19 condos, 20% of peak inventory.
Peak inventory in June 2013 if approximately 100 houses, with a large sell-off since.
Seasonal dips are normal, but this year’s seasonal low is exceptionally low.
Median Asking Prices by Quartiles: 02445 & 02446
Inventory, by Quartiles Notice how the most
valuable asset is Land!
Number of beds and baths double from the bottom to top quartile
Average age of the most luxurious houses is younger due to several new construction projects.
It takes triple the time to sell a top quartile house than a bottom quartile house.
Chestnut Hill House Prices, zip code 02467
Chestnut Hill: Inventory of Houses for Sale
Three Years of Cycle
Houses have a fairly predictable cycle of inventory in Chestnut Hill.
This winter’s inventory is slightly lower than last years, but not as low as in 2012’s winter.
Chestnut Hill:
Median Asking Price per Square Foot
Chestnut Hill Prices per Square Foot
Price per square foot is approximately 29% higher than the low in Summer 2011.
Median price per square foot for on market houses peaked one year ago.
$385 +/-
$460 +/-
Chestnut Hill:
Market Action Index Still a Sellers’ Market
Stronger Seller’s Market in Chestnut Hill
Seller’s market when MAI is above 30.
Extremely strong seller’s market in second, third and fourth quartiles.
Mildly strong market for sellers in ultra-luxury houses in Chestnut Hill.
Chestnut Hill: Quartile Summary
Small Houses Sell Quickly
Notice the difference in lot size between the bottom and top quartile.
Chestnut Hill’s houses are younger, on average, than those in North Brookline.
What to Expect in 2014?
Market more even handed in buyer’s favor, but still tight.
Many sellers ready to sell as they realize the appreciation of their properties.
Many buyers will exit the Brookline market as they are out-priced.
Housing market in Brookline will cool overall.
What About Home Sellers?
Selling a house in Brookline requires extensive marketing to the right buyers.
Current conditions are ripe for a fairly quicker sale for “entry level” houses.
Ultimately, it is up to you and your timeline and needs.
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